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Micree Zhan: The function of blockchain industry in the AI era

On June 30th, at the “AI-Boundary-crossing” session of the “World Blockchain Conference ” session, Micree Zhan, Co-founder of Bitmain, pointed out in a speech titled Blockchain: The Future of Human Labor Organization, that:

“In the era of artificial intelligence, blockchain will further transform the current production relationship to make it more adaptable to the future AI era. The real blockchain company in the future will establish its own business model and economic activities directly on blockchain. The company will issue its own Token, I think this is the evolution of future business models.
The development of the blockchain industry depends on the progress of legalization of token. It is like a horse-driven train. What we really need to do is to remove the horse and let the train run on itself. Blockchain tokens require proper legal status so as to be properly regulated and protected.”

Below are some excerpts of his speech.

1. Blockchain is a production relationship in the era of artificial intelligence

In the agricultural age, land is the most important means of production. The key to the production relationship is to fix people on the land.
In the industrial age, capital is the most important means of production. The most important form of production relations is the representation of capital in the form of shares. The enterprise serves shareholders.

In the information age, intelligence is the most important means of production. To adapt to such change, modern high-tech companies have made many amendments to the stock production relationship such as the introduction of venture capital. Technical teams can directly use technology to invest as shares.

In the era of artificial intelligence, data is the most important means of production. Data can be copied at will and the number of copies is unlimited. So how do we register the rights and authenticate them, which requires the use of blockchain technology.

I believe that the blockchain will further transform the current production relationship to make it more adaptable to the future of artificial intelligence. Based on blockchainized production relations, our innovation will become more diverse, faster, quicker and more popular. The cost of innovation will be lower. In addition to intelligence, constraints on workers will be less and less. The participation of economic activities will be more extensive. The data and the economic activities of participants will be tokenized.

2. Characteristics of blockchain enterprises

What is a blockchain enterprise?

Type 1: Try to solve some of the current economic and social problems with blockchain technology. In fact, many economic and social problems in the modern society may not be solved with blockchain. This type of enterprise basically puts the blockchain as a jewel, so most of them are scammers.

Type 2: They provide blockchain basic services. This kind of company has one foot in the blockchain, but the organization is still a traditional enterprise. Bitmain is such a company, so we have to go to the traditional stock market to launch an IPO.

Type 3: Companies that put their business model and economic activities directly on the blockchain with issuance of their own token. I think this is the evolution of the future business model, because blockchain is going to change the production relations of enterprises, the way of social governance and the concept of people.

3.Suggestions on the development of China’s blockchain industry

On December 28, 2016, blockchain technology was first written in the “13th Five-Year National Informationization Plan”;
On June 27, 2017, the People’s Bank of China issued the “13th Five-Year Development Plan for China’s Financial Industry Information Technology”. According to the announcement, the PBoC will actively promote the development of new technologies such as blockchain and artificial intelligence;
On May 8, 2018, Yuan Jiajun, Governor of Zhejiang Province, clearly pointed out that it is necessary to build a leading position in blockchain innovation.

I think that today the Chinese government is the most diligent government in the world and the government that encourages economic development. Almost all prime ministers, governors and mayors are CTOs and CEOs. The speed of development of the blockchain industry depends on the progress of legalization of tokens. Because tokens are natural stocks as they have all the attributes of stocks, only better than stocks. Tokens are natural trading equivalents and the era of using only banknotes as trading equivalents has gone.

To develop a blockchain economy, if you use a horse (the old regulatory system) to pull trains (blockchain companies), it will certainly not work. What we need to do is to remove the horse and let the train run itself: the blockchain tokens need to be properly defined, protected and regulated at the legal level.